China may get in on stake in OGPC in Azerbaijan (UPDATE)

Oil&Gas Materials 16 September 2016 19:44 (UTC +04:00)

Details added (first version posted at 16:42)

Baku, Azerbaijan, Sept. 16

By Maksim Tsurkov – Trend:

Chinese companies may become owners of up to 50 percent of stake in the Oil and Gas Processing and Petrochemical Complex (OGPC) in Azerbaijan, head of the country’s state oil company SOCAR Rovnag Abdullayev told reporters Sept. 16.

He said that the work on this issue currently continues.

“As you know, SOCAR and China National Petroleum Corporation (CNPC) signed a memorandum of understanding on cooperation in the oil and gas, and petrochemical spheres,” Abdullayev said.

“We currently work together with the Export-Import Bank of China (Exim Bank), other banks and the CNPC, and probably in the near future negotiations will be completed,” he noted.

He said the Chinese companies may become shareholders in the project with a share of up to 50 percent of stakes, and the financing will be carried out by the Exim Bank of China and another bank.

“This proposal was submitted to them, and the work is underway,” Abdullayev said.

CNPC is a Chinese state-owned oil and gas corporation and the largest integrated energy company in China.

SOCAR is an Azerbaijani state oil and gas company engaged in oil exploration on land and sea, transportation and processing of oil, gas and condensate.


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